© Reuters. FILE PHOTO: The Barclays logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
(Reuters) – Britain’s financial regulator is investigating barclays (LON:) PLC over alleged failures in its compliance and anti-money laundering systems, the Financial Times reported on Friday.
The Financial Conduct Authority (FCA) requested an independent review of Barclay’s systems last year after noting the number of anti-money laundering incidents, the newspaper reported, citing people familiar with the matter.
The FCA wrote to the heads of Barclay’s UK corporate and retail banking and wealth divisions requesting a “qualified persons review”, or Section 166, the newspaper said.
Section 166 usually involves contracting with an independent company that produces reports with recommendations for improvement.
The FCA declined to comment, while Barclays did not immediately respond to a Reuters request for comment.
Last year, the Payment Systems Regulator fined Barclays 8.4 million pounds ($10.16 million) for failing to provide retailers with full information on payment card costs.
($1 = 0.8269 pounds)
